¹ Institutional-quality refers to the investment process utilized by Wellington Solutions that would meet the high standards and investment criteria of large financial institutions.
² As of 31 March 2026. Source: Wellington Management.
³ As of 31 March 2026. Sources: Vanguard & LSEG Lipper. Nearly 83% (276 of 333) of Vanguard funds and 83% (84 of 101) of Vanguard active fixed income funds have outperformed their Lipper peer group averages over the past decade. Results will vary for other time periods. Only funds with a minimum ten-year history were included in the comparison. Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit vanguard.com/performance.
⁴ Sources: Vanguard and Morningstar, Inc. U.S. only. Reflects asset-weighted average U.S. combined mutual fund and ETF expenses, as a share of 2025 average net U.S. assets.
⁵ As of 31 March 2026. Source: Blackstone. World’s largest alternative asset manager reflects Preqin data as of 31 March 2026. Past results do not predict future returns. Wellington Management Company LLP serves as the investment adviser to the Fund. Blackstone and Vanguard provide access to underlying funds which the fund may invest in that are managed by affiliates of Blackstone Inc. or The Vanguard Group, Inc. or its affiliates. Neither Blackstone nor Vanguard is a sponsor, promoter, investment advisor, sub-advisor, underwriter, or affiliate of the Fund.
⁶ Private markets have inherent risks and there can be no assurance any private markets allocations will achieve their objectives or avoid significant losses. | PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. All investments carry a certain degree of risk, including the loss of principal. Certain products and services may not be available to all entities or persons. Investors should be aware that alternative investments are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales and concentrated investments and may involve complex tax structures and investment strategies.

Diversification neither assures a profit nor guarantees against loss in a declining market. There can be no guarantee that any strategy (risk management or otherwise) will be successful. All investing involves risk, including potential loss of principal.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing in a Wellington fund. For a prospectus with this and other information about a fund, please call 888-287-3403. Read the prospectus carefully before investing.

An investment in the WVB All Markets Fund and/or the WVB Blackstone All Privates Fund (the “Funds”) involves a high degree of risk and should be undertaken only by investors capable of evaluating and bearing those risks. Prospective investors should carefully consider the following principal risks, together with the information contained in each Fund’s prospectus, including the section entitled “Types of Investments and Related Risks.”

• Unlike many closed-end funds, the Funds' shares will not be listed on any securities exchange. Liquidity is expected to be provided only through a quarterly share repurchase program for the WVB All Markets Fund and a quarterly tender offer for the WVB Blackstone All Privates Fund. However, there can be no assurance that repurchases will occur or that shareholders will be able to sell all of the shares they wish to tender. Accordingly, the Funds should be considered to offer limited liquidity, and investors should be prepared to hold their investment for an indefinite period.
• Capital markets may experience periods of disruption and instability due to geopolitical events, natural disasters, pandemics or other public health events, or other adverse market developments. Such conditions may materially and adversely affect debt and equity markets and negatively impact the Funds’ investments, business and operations.
• The Funds allocate assets among multiple underlying investment strategies that operate independently. As a result, different underlying strategies may hold opposing positions or significant exposures to the same securities or issuers simultaneously, which may reduce diversification and increase volatility.
• The Funds invest in underlying funds, some of which invest in privately held companies. These investments involve significant business and financial risks, may be difficult to value, and may result in substantial losses. Certain underlying funds may invest in highly leveraged portfolio companies, making them particularly sensitive to deteriorating operating performance or rising interest rates.
• Investments in underlying funds result in indirect expenses that may exceed those associated with other investment vehicles. Shareholders effectively bear two layers of fees and expenses: fees and expenses at the Fund level, and fees, expenses, carried interest and/or incentive allocations at the underlying fund level. Underlying fund managers generally receive performance-based compensation that may create incentives to pursue investments that are riskier or more speculative than would otherwise be made. For the WVB All Markets Fund, the Adviser has observed that such carried interest or incentive allocations generally range from 10% to 15% of an underlying fund’s net profits, typically subject to a preferred return. For the WVB Blackstone All Privates Fund, the Adviser has observed that such allocations are generally 12.5% of an underlying fund’s net profits, typically subject to a preferred return.
• Certain underlying funds are not registered under the Investment Company Act of 1940. Accordingly, the Funds and their shareholders will not receive the protections afforded by the 1940 Act with respect to those investments.
• Interests in certain underlying funds are illiquid and generally may be redeemed only through periodic repurchase offers conducted at the discretion of the applicable underlying fund. Repurchase requests may be accepted only in part. There is no secondary market for many underlying fund interests, and transfers typically require the consent of the underlying fund manager and may occur only at a discount to net asset value. The Funds also are subject to material limitations on withdrawals from certain Blackstone underlying funds. As a result, the Adviser may be unable to dispose of an investment promptly or may be required to sell at a reduced value.
• The Adviser, Vanguard and Blackstone have formed a strategic alliance that supports each Fund’s investment program. If this strategic alliance is altered or terminated, either Fund may be unable to pursue its investment strategy, which could result in investment losses and additional transaction costs, taxable gains, changes to portfolio construction, or challenges in maintaining qualification as a regulated investment company (“RIC”). In addition, WVB All Markets Fund could be unable to maintain its fundamental policy of investing at least 20% of its net assets in a combination of Blackstone Underlying Funds and Temporary Private Markets Exposure Proxies and at least 20% of its net assets in Vanguard Underlying Funds. WVB Blackstone All Privates Fund could be unable to maintain its fundamental policy of investing at least 80% of its net assets (plus borrowings for investment purposes) directly or indirectly in Blackstone Underlying Funds providing private markets exposure and Temporary Private Markets Exposure Proxies. In either case, shareholder approval may be required to revise or eliminate the applicable fundamental investment policy.
• Shareholders have no right to receive information regarding the underlying funds beyond that provided by the Funds and have no direct recourse against those underlying funds.
• The Funds and their investments in certain underlying funds are subject to legal, regulatory and policy developments affecting the private fund industry.
• The Funds rely on valuation information provided by underlying funds. Delays, inaccuracies, misvaluation, fraud or errors could impair a Fund’s ability to calculate an accurate net asset value (“NAV”). Many underlying investments are illiquid and valued using fair value methodologies, which involve subjective judgments and may not reflect the price ultimately realized upon sale. Independent pricing services may assist in valuation. WVB All Markets Fund calculates and publishes its NAV and issues shares daily, while WVB Blackstone All Privates Fund does so monthly, although underlying funds may value their portfolios less frequently.
• The success of the Funds depends in significant part on the ability of the Adviser, its investment professionals and the underlying fund managers to correctly assess future market movements and investment opportunities. There can be no assurance they will do so, and the Funds remain subject to substantial market risk.
• The Funds may invest directly or indirectly in distressed securities, which are speculative and may be subject to bankruptcy, insolvency or fraudulent conveyance laws. The Funds are also exposed to counterparty credit risk.
• The Funds are subject to interest rate risk, and the value of fixed income and other interest rate-sensitive investments may decline as interest rates rise.
• Investments in securities or instruments that lack an active trading market, including interests in certain underlying funds and certain fixed income instruments, may be more difficult to value and dispose of than exchange-traded securities.
• The Funds or their underlying funds may invest in below-investment-grade (“high yield” or “junk”) securities, which are speculative and particularly susceptible to adverse economic conditions and issuer credit deterioration.
• The Funds may utilize derivatives and, directly or through underlying funds, may engage in short selling. These strategies involve additional risks, including imperfect correlation with underlying assets, leverage, heightened volatility and the risk that borrowed securities may need to be returned on short notice.
• The Funds may be materially adversely affected by global market, economic and political developments and by conditions affecting the jurisdictions, industries and sectors in which they invest.
• International investments involve additional risks, including less developed and less liquid markets, greater volatility, differing regulatory standards and adverse currency exchange rate movements.
• Each Fund’s portfolio combines multiple investment styles and strategies. There is no assurance that either Fund will achieve its investment objective.
• Each Fund is a newly organized, non-diversified, closed-end investment company with no operating history.
• To qualify and remain eligible for the favorable tax treatment available to regulated investment companies under Subchapter M of the Internal Revenue Code, each Fund must satisfy ongoing income, diversification and distribution requirements. The Funds’ complex investment strategies may make compliance more challenging, particularly where information from underlying funds is not publicly available. Failure to satisfy these requirements could result in the loss of RIC status and associated tax benefits.

Accordingly, the Funds should be considered speculative investments involving substantial risk, and investors should invest only if they are able to bear the risk of a complete loss of their investment.

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Wellington Management, Blackstone, and Vanguard are not affiliated. The firms maintain an alliance to deliver public-private investment solutions to investors.

For institutional or professional investors only. This material is not intended to constitute investment advice or an offer to sell, or the solicitation of an offer to purchase shares or other securities. Any views expressed herein are those of the author(s), are based on available information, and are subject to change without notice. While any third-party data used is considered reliable, its accuracy is not guaranteed. All Wellington Management trademarks mentioned are owned by Wellington. All other company names mentioned are the property of their respective companies.